Micro-Enterprise Business Loans

 

Minimum Loan Amount $5,000

Maximum Loan Amount $20,000 - based on available loan pool at the time

 

 

Eligibility 

Applicants must be an owner of a business classifying under a Corporation, Sole Proprietary, LLC, or Partnership structure that are operating within the State of North Dakota. First-time loan borrowers of NADC may need to secure a loan over $5,000 if there aren’t any prior credit history. Applicants must complete a loan application, submit a business plan and provide two years of historical financial statements or tax returns (if applicable), and to years of business financial projections as part of the business plan.  If these items are not available at the time, applicants will be required to enroll in business training and/or financial education (the Training Plan) as determined by NADC at intake. 

 

Once a client pays off a loan, NADC Community Loan Fund reports successful payoffs to the credit bureaus and attributing toward building credit and may qualify for lines of credit for Native Artist businesses only.

Eligible Loan Purposes
  • Starting a new business

  • Expanding an existing business

  • Working capital

  • Contract financing to provide bridge gap funding between the performing of the contract and the receipt of funds

  • Purchase of equipment, machinery, furniture, and fixtures

  • Purchase of inventory

  • Gap funding through the participation with a commercial bank to provide clients that may be for:

    • Down payment on equipment

    • Improvements to real estate or other real property

  • Other transactions where the mission is to foster the growth of a business in Native communities

Required Loan Documentation (Business)

Please note the documentation that is required.


At the time of loan application submission, applicants must submit the following:

All Applications

  • $100 non-refundable application fee

  • Tribal ID or Certificate of Indian Blood

  • Copy of driver’s License or other form of ID

  • Past 2 years personal tax returns

  • Past 2 years business tax returns (if separate from personal)

  • 3 months personal bank statements

  • 3 months business bank statements (if separate from personal)

  • Business Plan (template available upon request)

  • Business future Cash Flow, Balance Sheet, and P & L projections (Excel template available upon request)

  • Last quarter Business Financials (if applicable)

  • Last 2 Pay Stubs if loan will be paid at least partially with non-business income

List of Machinery

  • List of machinery, equipment, or vehicle(s) you are planning to purchase with serial numbers, pictures, and costs as quoted by seller (if applicable)

  • List of machinery, equipment, or vehicle you are willing to put up for collateral with original title, serial numbers, and pictures (if applicable)

Purchase Agreement

  • Signed purchase agreement if you are buying real estate or an ongoing business including seller’s name and contact information (if applicable)

Construction Plans and Projected Costs

  • Estimated cost of the project and statement of source of additional funds (if applicable)

  • Preliminary construction plans as prepared by a qualified independent 3rd party such as contractor or architect (if applicable)

Required Loan Documentation (Agricultural)

Please note the documentation that is required.


At the time of loan application submission, applicants must submit the following:

All Applications

  • $100 non-refundable application fee

  • Tribal ID or Certificate of Indian Blood

  • Copy of driver’s License or other form of ID

  • Past 2 years personal tax returns

  • Past 2 years business tax returns (if separate from personal)

  • 3 months personal bank statements

  • 3 months business bank statements (if separate from personal)

  • Business Plan (template available upon request)

  • Business future cash flow, balance sheet, and P & L projections (Excel template available upon request)

  • Current balance sheet

  • Last 2 pay stubs if loan will be paid at least partially with non-business income

List of Machinery

  • List of machinery, equipment, or vehicle(s) you are planning to purchase with serial numbers, pictures, and costs as quoted by seller (if applicable)

  • List of machinery, equipment, or vehicle you are willing to put up for collateral with original title, serial numbers, and pictures (if applicable)
     

Purchase Agreement

  • Signed purchase agreement if you are buying real estate or an ongoing business including seller’s name and contact information (if applicable)

Construction Plans and Projected Costs

  • Estimated cost of the project and statement of source of additional funds (if applicable)

  • Preliminary construction plans as prepared by a qualified independent 3rd party such as contractor or architect (if applicable)
     

Ag Loan Specific Documentation

  • Prior year sales documentation (unless business is start-up)

  • Land and leasing information

  • Brand certificate (if livestock are involved)

  • Purchase agreement for livestock if available, if proposed purchase will be at live auction provide documentation of proposed purchase price from past sales, etc

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LOAN

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